Insurance brokers sell life, medical, property, car and any other type of insurance made available to consumers by the insurance companies. They form the link between the companies and consumers, making customers aware of the available insurance products and purchasing the same from the company on behalf of the consumer. Unlike agents, they are not restricted to selling the products of one insurance company and in fact buy from several companies to offer the client a chance to go through the available quotes and choose on the one with the best bargain.
In order to qualify as an insurance broker, you must undertake a formal training course that familiarizes you with insurance terminology, basic principles and concepts are much needed if you are to be successful in insurance brokerage. Although the course content varies depending on the institution where you pursue your studies, insurance brokers are required to take courses in the Fundamentals of Insurance and the Canadian Accredited Insurance Broker, course both of which include a number of exams. Passing the exams set at the end of these courses is the first step in the journey to becoming an insurance broker.
The next step is to seek a license from the relevant licensing authority. Although insurance in Canada is regulated at both the federal and provincial level, to ensure stability of the industry, licensing of individuals is conducted exclusively by the provincial authorities. The specific requirements vary from province to province but successful completion of the requisite training and sponsorship by a licensed insurer are common pre-conditions to obtaining a license. A license must be periodically renewed if you want to keep operating in the industry.
Consider obtaining a professional designation
A license entitles you to start working as an insurance broker and to assume the responsibilities of good faith, honesty and fair dealing with consumers in availing insurance products to them. However, obtaining professional designations, such as Chartered Insurance Professional from the Insurance Institute of Canada or the Canadian Accredited Insurance Broker from the Insurance Brokers Association of Canada, increases the opportunities for career growth and advancement. It may also in some instances make the difference between getting business or not because some insurance companies and customers only want to work with an accredited professional.
Becoming an insurance broker, like those at Keller & Associates Insurance Brokers Inc, in Canada is as simple as following the steps above with necessary variations according to the specific requirements in the province where you wish to conduct your business.